FieldSports wrote:I have NEVER seen anything in writing about funding, other than the standard requirements for any Scouting program.
Here you go:
Financial Plan
Every project will cost something and you need to discuss those costs in your plan. Provide a list of all materials, tools, supplies, etc. with a cost of each. This information may be shown on your list of materials/supplies. If items are loaned or donated, state so. Remember to include any fees (e.g. building permit fees, city dump fees, etc.) in your cost estimate.
Once you have determined how much the project is going to cost, you must find the money to pay for it. You may consider several sources for funding, including the organization for which you are doing the project, donations from others, from your allowance, from your parents, or any other legitimate source. While your project MAY NOT BE A FUNDRAISER, you may conduct fundraising activities, if necessary, to finance the supplies and materials needed for your project. Obtaining the funds to do the project is your responsibility; don't assume that someone will cover cost until you have asked them.
A major part in any project, whether for Scouts, church, community, or a business, is funding. If you cannot come up with all the money you need, look at reducing the cost to get within your budget. You may even find that the project is too expensive and you will have to choose another one.
Hint – Requesting Funding: You will have better success in getting funds or materials donated by an organization or business if you can show them exactly what you need. Take your list of Materials / Supplies, with associated costs, when you meet with an organization or business leader. They will be more likely to help if they feel that you know what you are doing and have a real plan.
After the source of your funding is established, you should also consider how the money is to be handled. As money is brought in from fundraising activities, where will it be held for safekeeping? Exactly how will supplies and materials be paid for? It is strongly suggested [by this author] that you do not put your parents or yourself in the position of holding any substantial amount of money. Discuss this issue with the organization that is providing financial support. Consider letting the sponsoring organization's treasure manage the funds. Your troop treasure may also be willing to help. Whatever you decide, ensure you have a complete paper trail for all financial transactions and include a summary in your final report.
One last financial point to consider – since your project must benefit a not-for-profit organization, see if the organization has an exemption from state sales taxes. If so, find out how to take advantage of this savings before you go to buy your materials. This may help you stay within your budget. If they are not tax exempt, then don't forget to include the sales tax (normally 6 to 8%) in your budget plan.